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Investment in Renewable Energy Technologies from the Perspective of Polish Venture Capital Funds

Author(s): Karolina Daszyńska-Żygadło,Tomasz Słoński,Magdalena Ligus / Language(s): English Publication Year: 0

In the recent years ambitious targets to increase the share of renewable energy and reduce greenhouse gas emissions have been adopted by governments around the world. Variety of policies have been introduced. The question is what is the business potential and market response to that. This article adds a new perspective to the debate of business potential of investments in renewable energy sector. The aim of the paper is to focus on the venture capitalist interested in the new clean technology development and its diffusion. We analyze venture capitalists’ perception of investing in projects from that sector, possibilities of financing and barriers that they meet in the process. We conducted survey and field study with managers of private equity funds from Poland. Our research results show that in the overall business history of the surveyed entities 67% of funds invested in projects related to renewable energy sector. In order to assure specific competencies for investing in renewable energy sector they were using external experts in most cases or past experience. If they specialize in the RE sector investments they were likely to employ their own experts in the investment department While main reason for not investing in that sector was lack of competence, but also unstable situation in the sector.

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Sustainable Value Creation - performance of European Manufacturing Companies

Author(s): Karolina Daszyńska-Żygadło / Language(s): English Publication Year: 0

The research problem of this paper is how to measure the impact of corporate sustainability performance on company’s value. Its aim is to show this impact in monetary terms, using opportunity costs based approach. Sustainable Value method presented and tested in this paper integrates environmental, social and economic factors. It measures the value created or destroyed by the company with the usage of particular set of resources, the value is referenced to the benchmark’s value creation that could potentially be realized with the same set of resources. Research was conducted on manufacturing companies from EU-15 countries. It analyzes the prospects and advancement in sustainable value creation as well as mitigation of negative environmental impact in reference to value created by companies examined in the research of Figge, Hahn and coauthors in ADVANCE project (2006). Results show that majority of companies which were creating sustainable value in the period of 2001-2003 continued to obtain positive values in the period of 2004-2012, the same applied to value destructing companies.

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Rosatom's Activities in the Asian Market

Author(s): Hedvika Koďousková / Language(s): English Publication Year: 0

As far as civil nuclear power development is concerned, the research identified several different groups of players in the Asian market: 1) mature countries with their own nuclear technology and services export programs (i.e., Japan, South Korea, and increasingly China); 2) countries which operate nuclear power plants, but have had otherwise limited participation in the nuclear sector due to being non-signatories to the Nuclear Non-proliferation Treaty (i.e., India until 2008, Pakistan); and 3) newcomers to the sector, who decided to address their rapidly growing energy demand by developing their own nuclear power-generating capacity (e.g. Vietnam and Bangladesh).

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Country Case Study: Belarus

Author(s): Anna Leshchenko / Language(s): English Publication Year: 0

From the political, economic and security relations point of view, Belarus is often considered to be the closest ally among Russia's neighbours (Garbe, Hett & Lindner, 2011, p. 188). In the times of USSSR's existence, Belarus was Byelorussian SSR a federal republic, within which significant production capacities of Soviet industry existed, especially the heavy industry and consumer production.

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Country Case Study: Bulgaria

Author(s): Martin Jirušek / Language(s): English Publication Year: 0

Bulgaria is a country located in the South-eastern Europe that experienced similar transition period as its neighbor Romania and joined the EU in 2007. Contrary to the expectations of similarities between Romania and Bulgaria, their situation in terms of energy security differs quite substantially. One of the reasons is rooted in history. Despite its close proximity, Bulgaria did not develop into a position of largely independent country in terms of energy supply. Although its dependence is not the highest, the energy security risks are highlighted by the fact that the only energy source that can be found in Bulgaria inconsiderable amount is lignite.

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Country Case Study: Czech Republic

Author(s): Martin Jirušek / Language(s): English Publication Year: 0

The Czech Republic was part of the so called Eastern Blocuntil 1989 when the whole Soviet sphere of power crumbled. It is thus understandable that the nature of the whole industry and energy sector was oriented eastwards with the former Soviet Union as the main partner and supplier. The Czech Republic was thus supplied by the same pipelines that supplied the whole region with Russian energy sources.

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Country Case Study: Latvia and Lithuania

Author(s): Veronika Zapletalová / Language(s): English Publication Year: 0

In 2012, the total consumption of TPES in Latvia amounted to 50,8 TWh. Natural gas was the main resource for generating heat energy and electric energy. The total consumption of natural gas reached 14,1 TWh, which corresponds to 28 % of TPES. There is no indigenous gas production in Latvia. All the gas consumed in the country is imported from the Russian Federation by two 700 mm pipelines (ENTSOG, 2014, p. 23).

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Activities of Gazprom in Asia and the "Eastern Dimension" in Russian Energy Policy

Author(s): Hedvika Koďousková / Language(s): English Publication Year: 0

In the 1990s and at the beginning of the 2000s, there were practically no major efforts of Russia to diversify its oil and gas exports beyond Europe. Except for some preliminary agreements between Russian private players with potential Asian consumers (see below), there were no gas purchase and sale contracts concluded as well as no major infrastructure constructed, which would connect Russian vast but untapped Eastern Siberian and the Far Eastern gas resources with Asian market.

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Social responsibility and quality: issues of competitiveness and sustainable development

Author(s): Krisztián Kis / Language(s): English Publication Year: 0

It can be stated that quality is a multifaceted concept, and it makes the difference between any perceivable or conceivable entities visible. The meaning of quality has greatly changed over the years, its content has expanded and quality has become the most important single factor for success. Therefore, it is no exaggeration to say that “quality means business”. However, quality, as it will be seen, means much more than that. Corporate Social Responsibility and the service of Sustainable Development Goals have become part of organisational quality. Nonetheless, without innovation, there is no quality or competitiveness, thus, there is no business either. This is the 21st century, which, according to Joseph M. Juran, will be the century of quality. It is important to note that companies are not just economic units or merely market participants, but also social factors and entities influencing the environment. For this reason, compliance with social norms and ethical expectations is also an important aspect of their operation. To meet the expected and latent needs of customers and users, and also the requirements of society as well as the natural environment in a way that all stakeholders are equally satisfied is a fundamental issue for companies,today and even more so in the future. The main purpose of this chapter is to discuss how quality should be understood, and what the relationships between the issues involved are. In the chapter, it is argued that quality, Corporate Social Responsibility, innovation, competitiveness and sustainable development are interrelated concepts. Therefore, it is the further purpose of this chapter to discuss how social responsibility and innovation affect quality, and how quality contributes to competitiveness and sustainable development. In this chapter, quality issues are dealt with from different aspects. In the first part, the concept of quality is presented, which deals with the evolving notion of quality and the future of quality inlight of social responsibility. In the second part, complexity issues and emergences are introduced,while quality is discussed as an emergent property, and the role played by social responsibility and environmental concerns in competitiveness and sustainable development are explained, and furthermore, innovation from quality and responsibility perspectives are examined.

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Marketing campaigns and sustainability issues

Author(s): Atanaska Reshetkova / Language(s): English Publication Year: 0

The concept of sustainable development has left its footprints on marketing strategy and, today, it has strong impact on the consumer’s mind and behaviour. Globally, consumers are focusing their preferences towards products and brands implementing different innovations to promote sustainability. Marketing managers face the challenge of incorporating the main dimensions of sustainability—environmental, social, and economic, into their strategies. These cases are intended to encourage critical thinking of readers regarding issues related to sustainability marketing strategies and campaigns.

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Consumption as the subject of market research

Author(s): Iwona Olejnik,Magdalena Stefańska / Language(s): English Publication Year: 0

One of the most important areas of market research is on consumer behaviour and attitudes regarding various aspects of sustainable consumption. Consumer behaviour is understood as activities related to the entire consumption cycle of products from various sectors, which allow the consumer to function and achieve personal goals. They, at the same time, also they allow to achieve satisfaction and well-being, taking short- and long-term effects as well as individual and social consequences into account (Antonides & van Raaij, 1999). Within the context of the cited definition, a survey of household rubbish may be very interesting and useful. Such research is not of a declarative nature, but is based on products consumed actually. They can provide extensive information on consumption trends, including, for example, the amount and type of products consumed or food waste. Another example of market research in the context of sustainable consumption is research on products harmful to health, e.g. cigarettes. The main goal of the chapter is to present 2 unusual examples of market research conducted by various entities: journalists and a research agency. Therefore, the structure of the chapter covers two examples: 1. Garbology as an example of market research in SD—how to learn more about consumers and consumption. 2. Cigarette consumption.

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Circular economy in the waste management sector

Author(s): Gabriel Grabowski / Language(s): English Publication Year: 0

The growing population and rising standards of living lead to an increase of the consumption of many goods. Reducing municipal waste which is created in that process can result in a wide range of environmental, economic, and social benefits, such as reducing pollution in water and soil, greenhouse gas emissions and loss of valuable materials. The concept to solve this problem of municipal waste due to increased consumption can be found, among others, in circular economy (CE). Circular economy can be defined as “an economic system that is based on business models which replace the ‘end-of-life’ concept with reducing, alternatively reusing, recycling and recovering materials in production/distribution and consumption processes to accomplish sustainable development” (Kirchherr, Reike, & Hekkert, 2017). A current trend in developed countries is closing the loop, moving from the concept of “end-of-pipe” waste management towards more holistic resource management (Wilson, 2007). Implementing the circular economy approach through waste management systems can pose multiple challenges while providing incentives to improve waste management infrastructure. However, this requires investments and may be perceived by many people as cost, not investment in future generations and their standard of living.The aim of this chapter is to initiate discussion on the positive aspects and barriers of circular economy development in the Polish waste management sector. In the case study described in the text, the roles of citizens, public institutions as well as enterprises are shown in selective waste collection processes as an important element of circular economy. In Poland, awareness of waste segregation and the importance of using recycled materials is not well-developed compared to many other EU countries, although this situation is beginning to gradually improve.

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Влияние на пандемията от COVID-19 върху мерките в областта на опазване на околната среда, финансирани от Кохезионния фонд на ЕС в България

Author(s): Stoyan Neytchev / Language(s): Bulgarian Publication Year: 0

This report provides a brief overview and analysis of the impact of the COVID-19 pandemic on environmental measures funded by the EU Cohesion Fund in Bulgaria. The main focus of the study is the implementation phase of the measures, namely the preparation of documentation for public procurement and conducting the award procedures and the impact of the state of emergency imposed in the country on the implementation of the measures. Circumstances related to delays in the implementation processes and their impact on the country’s obligations as a Member State of the European Union are analyzed.

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Service as an innovation

Author(s): Lucie Sara Zavodna / Language(s): English Publication Year: 0

Service innovations make life of customers easier during or after use of company’s products or services. They are coming in different forms. Companies create strong connections with their customers by offering different helps, consultations or new experience. Service innovations make customers’ experiences stronger and streng then their gratitude. This chapter provides two case studies. The first case study is the famous company Whirlpool, which made service innovation by implementing CRM system. This enabled stronger straight relationship with their final customers and expansion of incomes. The second case study is an innovative way of selling old antiquarian books in the Czech company Knihobot. This innovation enables fast preparation of books for selling and introduces automation into a new area.

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A Polish-Romanian perspective on how planning influences the dynamics of urban green infrastructure

Author(s): Alexandru-Ionuţ Petrişor,Lidia Mierzejewska,Andrei Mitrea / Language(s): English Publication Year: 0

The importance of studying urban green infrastructure in planning is justified by its ecosystem services, contributing to the welfare of urban dwellers and urban sustainability. The present study uses an ecological approach to analyze the dynamics of urban green infrastructure in Polish and Romanian cities with Urban Atlas data in 2006, 2012 and 2018. To avoid ecological fallacy, the methodology includes analyses of individual cases studies. Findings show that urban green infrastructure corresponds to the four city nature types. All cities have lost or transformed their green infrastructure, with local variations. Natural and/or agricultural green spaces make up most of the green infrastructure, while landscaped areas constitute a small share, and are prominent in large, populous, and dense cities. The loss is proportional to the share of categories. Analyses of individual examples show that the involvement of environmental aware citizens is essential for planning a healthy green infrastructure. Local authorities play an important role in influencing planners to account for the green infrastructure. Planners must strive to keep the existing green infrastructure, ensure its continuity, and add more urban greenery; local authorities should account for scientific evidence concerning the role of urban greenery, and scientists should provide simpler, condensed recommendations.

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НЯКОИ АСПЕКТИ НА ПОЛЕЗНОСТТА НА ПРОДУКТОВИТЕ НОВОВЪВЕДЕНИЯ В СТРОИТЕЛСТВОТО

Author(s): Todor RAYCHEV / Language(s): Bulgarian Publication Year: 0

The qualitative features of end user construction products have increasingly fostered insulation product innovations. Moreover, issues such as rapid overpopulation, the negative impacts of fast climate change, etc., have helped develop innovative concepts such as the circular economy and green transformation and have raised awareness about the importance of their wide-spread implementation in construction. This paper aims to explore innovative construction elements with enhanced features whose manufacturing may benefit society by increasing economic and social efficiency and effectiveness. This analysis will be conducted through the perspective of the chain: innovation – circular economy – green transformation in construction.

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Poglavlje 27: Životna sredina

Author(s): Petar Đukanović / Language(s): Montenegrine Publication Year: 0

U EU se reciklira oko 60% otpada, a u Crnoj Gori manje od 10%. Svaki stanovnik Crne Gore godišnje “proizvede” 330 kg otpada, bez turističkog otpada, a prema istraživanjima ta cifra će do 2020. dostići 450 kg. U zemljama EU je, 2010. je stupila na snagu zabrana upotrebe plastičnih kesa u cilju smanjenja zagađivanja životne sredine. U EU zagađivač plaća i može biti krivično gonjen zbog zagađivanja životne sredine. Smanjenje rizika od ekoloških incidenata nije moguće bez značajnih investicija i izgradnje sistema upravljanja rizikom u skladu sa EU propisima i praksom; Pouzdan uvid u stanje životne sredine i nadzor nad primjenom propisa bili bi gotovo nemogući bez članstva u Evropskoj agenciji za zaštitu životne sredine i drugim relevantnim institucijama EU.

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АНАЛИЗА ФИНАНСИЈСКИХ ПРЕВАРА У УСЛОВИМА ГЛОБАЛНЕ КРИЗЕ, СА ОСВРТОМ НА БОСНУ И ХЕРЦЕГОВИНУ

Author(s): Tajana Serdar Raković,Svetlana Sabljić / Language(s): Serbian Publication Year: 0

Global tendencies and outbreaks, the Covid-19 pandemic and the Ukrainian crisis, as well as numerous problems in the corporate sector, have increased the risk of financial frauds. Businesses are still struggling to manage their business operations, generate cash and keep their businesses afloat. All of the above increases the pressure to meet goals such as profit, financial performance and market and stakeholder expectations. Managers and employees may be tempted to manipulate financial statements to avoid business failure. In order to successfully combat financial frauds, it is necessary to know and understand the concept, types and causes of frauds and the way they are carried out. According to the research results, the share of asset misappropriation in the total number of financial frauds in Bosnia and Herzegovina is 61%, while financial statements frauds and corruption number 21% and 18%, respectively. A successful fight against financial frauds isa combination of prevention, detection, research and undertaking of legal and control measures. The paper deals with the concept, types and frequency of financial frauds, methods for reducing the risk of frauds and opportunities for prompt and more efficient detection of committed frauds, with special reference to Southeastern Europe and Bosnia and Herzegovina.

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OPPORTUNITIES AND RESPONSIBILITIES OF LOCAL SELF-GOVERNMENT IN ENVIRONMENTAL ASPECTS OF THE EU INTEGRATION PROCESS FOR BIH

Author(s): Arijana Huseinović,Tarik Kupusović / Language(s): English Publication Year: 0

The EU environmental policy does not address consequences resulting from various segments of development, but their harmonization with environment, which is a milestone of every economic, social and cultural development. The EU environmental policy has been implemented on different levels. Therefore, harmonization and implementation of legislation in BIH is an indicator of good government, as well as local self-government. Every decision, regulation and conclusion issued at any level should be characterized by short-term, midterm and long-term effects relating to the right of present and future generations to the equal use and management of limited natural resources. Although environmental policy has been identified as one of the priorities in the EU integration process, and legislation substantially harmonized with the EU legislation has been implemented in BIH, it is still insufficiently applied. The control level of implementing environmental permits and environment protection in general is relatively low. The responsible entity and cantonal (in the Federation of BIH) institutions insufficiently implement the required political, legal and institutional reforms in order to develop this framework. Neither national nor entity levels have undertaken significant steps for implementing programmes and strategies required by the signed agreements and contracts between the EU and BIH. Only few local communities show some dynamics and ability to join contemporary European trends in the environmental aspects of public utility infrastructure development and take advantage of existing opportunities that have been significantly increased after the Stabilization and Association Agreement EU – BIH has come into effect.

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INSTITUTIONAL CAPACITY AND REGIONAL ELECTRICITY MARKET IN SOUTHEAST EUROPE

Author(s): Nela Vlahinić-Dizdarević,Saša Žiković / Language(s): English Publication Year: 0

The implementation and benefits of regional electricity market (REM) in Southeast strongly depend on institutional capacity in these economies. At the same time, the appropriate level of institutional resources is crucial for SEE countries in order to benefit from the REM. The first step of institutional reforms is the establishment of national regulatory agency in the field of energy. All SEECs have adopted the EU reform model and established formally independent regulatory agencies, but the same model copied on those implemented in developed economies obviously is not a guarantee for an effective regulatory process. The failure of regulation in many less developed countries is the result of underestimation of the importance of the institutional capacity and institutional differences across countries, while the process of unbundling has made the regulatory task even more complex. The barriers for the regulator’s independency can be related to a shortage in human and administrative resources, a lack of political support for the reforms and regulator’s close connections to regulated industry. The second step of institutional reforms necessary for building REM considers regional cooperation and regional institutional activities. SEE countries have implemented the harmonized, uniform approach influenced by EU Directives in the energy sector and this approach requires extensive subordination of national interests. Harmonization is especially important in order to attract private investors because they will invest only if there is a high degree of certainty about transmission network access, regulatory transparency and predictability. Therefore the common regulatory framework within the region with the coordination of regional planning would create benefits for all the SEE countries.

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